Housing Market May be on the Rebound

By
Eric DeFreeuw

January 23, 2013Updated Jan 23, 2013 at 10:18 PM EST

FORT WAYNE, Ind. (www.incnow.tv) – Now that 2012 has been completed and we are well into January, area housing market sales numbers are now available, and things are looking pretty good for Allen County.

If 2013 is anything like 2012, we could be well on our way to a market rebound. Across Allen County housing sales have been up 10-percent in the past year. Lower interest rates certainly are helping, but there appears to be an increase in first-time and young family buyers.

These same numbers show homes aren't staying on the market long, either. The “months supply” rate is as low as 4.5 to 5. That number reflects the average number of months a home is on the market before it's sold.

"Typically in the past 5 years we've seen numbers in the 7, 8, even 9 month range,” says Jim Torres, an Associate Broker with Century 21 Bradley. “So 5 months and 4 and a half months are pretty good numbers."

The research shows every month in 2012 surpassed it's 2011 mark except for December when home sales are typically slow.

Not only did more homes sell in 2012, but the average price per home increased as well. In 2011 the average home sold for $116,352, but in 2012 that figure rose to $126,513, or an 8.7% increase.

Sellers have another reason to smile as the average selling price was 92% of the original asking price on average.

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